NEW YORK, Oct. 24, 2016 /PRNewswire/ --
The global biolubricants market is expected to reach USD 2.92 billion by 2024, according to a new
report by Grand View Research, Inc. Increasing passenger car sales
in emerging economies is one of the major drivers of industry
expansion in recent years. The favorable regulatory framework is
expected to encourage the production & consumption of bio-based
lubricants over the forecast period. The U.S. EPA has implemented
regulations that require all marine vessels to obtain the mandatory
Vessel General Permit (VGP) for plying in the U.S. waters &
also utilize environment-friendly, acceptable lubricants in all
oil-to-sea interfaces.
Various environmental issues associated with conventional
lubricants are driving the demand for vegetable & plant-based
lubricants. The product segment is anticipated to benefit from the
growing demand from industrial & transportation sectors in
developed regions.
Vegetable oil was the leading raw material used for biolubricants
with a commanding share of 88.1% in 2015. They are also expected to
witness the highest growth of 7.6% over the forecast period.
Further key findings from the report suggest:
The global biolubricants market demand was estimated at over 630
kilo tons in 2015 and is expected to reach 1,115 kilo tons by 2024,
growing at 6.9% CAGR from 2016 to 2024
Increasing cost competitiveness of advanced biolubricants,
specifically on account of high crude oil prices in the future, is
a significant factor driving their demand in automotive
applications
As of 2015, automotive engine oils were the leading application
segment with demand estimated at nearly 200 kilo tons. Developments
resulting in better oxidation resistance of vegetable oils and
improved functionality are expected to drive the segment growth
North America was the largest
consumer and generated revenue worth USD
742.5 million in 2015. The region is technologically mature
compared to others such as Asia
Pacific, Latin America, and
the Middle East.
Regulations have played a huge role in shaping the consumer base
for bio-based products in the U.S. Currently, the U.S. accounts for
nearly 80% of the North American market in terms of volume.
The industry is consolidated among major players such as Total
S.A., Chevron, British Petroleum, ExxonMobil, and UBL. Versatile
supply chain and presence across different regions are expected to
drive competitiveness.
Other significant players such as Emery Oleochemicals, Castrol,
Binol Bio Lubricants, Kluber International, Petronas Lubricant
International, Solution Biogen Sdn Bhd., and Albermarle are
actively investing in R&D efforts to develop unique &
durable biolubricants
Read the full report:
http://www.reportlinker.com/p04230365-summary/view-report.html
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